A Wisconsin-based venture picked up a portfolio of South Shore recently-renovated apartment buildings for $18.4 million.
The 208-unit trio of buildings was purchased by an investment group headed by Neenah, Wisconsin-based Trinity Flood. The deal was brokered by Kiser Group, according to Crain’s.
DAX Real Estate was the previous owner of the three buildings and listed the portfolio in May 2019 asking $20 million. The group purchased the portfolio in 2018 for $11.5 million. DAX managing partner Daniel Hedaya told The Real Deal last year that they spent “several million dollars” on upgrading and renovating the three buildings.
The largest of the three buildings, a 130-unit building located at 7500 South Shore Drive had been “very rundown and substantially vacant,” according to Hedaya.
The turnaround and subsequent sale illustrates the rising buyer interest along the South Shore. Recently, the city has been buying up land in Woodlawn where the Obama Center has attracted interest in investors to the area.
“While marketing this portfolio, we received offers from local, out-of-state and international buyers,” said Kiser’s Noah Birk told Crain’s.
Rents for the buildings range from $525 to over $1,500 per month. In addition to the 130-unit building, the portfolio also includes a 25-unit complex at 7038 South Chappel Ave and a 53-unit building at 6916 South Clyde Ave. [Crain’s] — Jacqueline Flynn